The Finance Minister Mr. Pranab Mukherjee has said there is a need for setting up of a Dispute Settlement Authority while switching over to Goods and services tax, GST, regime. Addressing the empowered group of finance ministers in New Delhi this evening he agreed to redraft the Constitutional amendment bill on Goods and Services Tax third time immediately so that it can be introduced in Parliament by the end of this month . He asserted that it is important to conclude the discussions on the GST legislation as it is critical for meeting the April 2011 deadline. The Finance Minister added that centre will have to speed up the third draft of the GST bill so that it can be introduced in parliament by end on August of this month. Mr. Mukherjee sought to allay the concerns of states that they would lose fiscal autonomy owing to the role of the GST council to fix the tax rates and the reported veto power bestowed on the Union Finance Minister as the council’s head. He added keeping this factor in view, it has been proposed in the revised draft that the decisions of the GST Council would be recommendations to the centre and the States. Mr Mukherjee said the empowered group on IT infrastructure has already started the work for a common portal for GST. The finance minister said the government was ready to compensate states on phasing out CST but states need to submit certificates of Accountants General on their revenue positions.